# Table 5: Demographics and Gross Positions by Instrument (OECD)

| Variable | OECD: fdi_assets | OECD: fdi_liab | OECD: port_eq_assets | OECD: debt_assets | OECD: debt_liab | OECD: fx_reserves |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | -516.2554** | -176.5891 | -58.0474 | -595.5130** | -180.8175 | 68.4315 |
| | (252.5818) | (237.5234) | (151.2663) | (280.7691) | (332.3035) | (48.8791) |
| Z_2 | 59.0949* | 18.7148 | 2.8419 | 89.8965** | 33.1335 | -9.9756 |
| | (34.7116) | (32.6422) | (20.7881) | (38.5853) | (45.6675) | (6.7173) |
| Z_3 | -1.7898 | -0.4523 | 0.1065 | -3.4835** | -1.3624 | 0.4021 |
| | (1.3379) | (1.2581) | (0.8012) | (1.4872) | (1.7601) | (0.2589) |
| fiscal_bal_gdp | -0.0427 | -0.1305 | 0.2188 | 0.3615 | -0.7504** | -0.0422 |
| | (0.2226) | (0.2093) | (0.1333) | (0.2474) | (0.2928) | (0.0431) |
| nfa_gdp_lag | -7.4257*** | -3.9262** | -1.3630 | -3.6874 | -30.4956*** | -0.5315 |
| | (2.0986) | (1.9735) | (1.2568) | (2.3328) | (2.7610) | (0.4061) |
| log_rel_opw | -14.0810 | -5.6465 | -28.3276*** | -53.6882*** | -36.4299** | -6.0456** |
| | (12.4358) | (11.6945) | (7.4476) | (13.8237) | (16.3609) | (2.4066) |
| kaopen | 1.9207 | 1.0705 | 1.8396** | 5.6548*** | -0.6850 | -0.3725 |
| | (1.5544) | (1.4618) | (0.9309) | (1.7279) | (2.0451) | (0.3008) |
|:---|---:|---:|---:|---:|---:|---:|
| Dep var | fdi_assets_gdp | fdi_liab_gdp | port_eq_assets_gdp | debt_assets_gdp | debt_liab_gdp | fx_reserves_gdp |
| N | 1154 | 1154 | 1154 | 1154 | 1154 | 1154 |
| R² | 0.0106 | -0.0152 | -0.2275 | -0.0895 | -0.0155 | -0.0124 |
| Countries | 37 | 37 | 37 | 37 | 37 | 37 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*